IRA Calculator
Plan your retirement with Traditional or Roth IRA projections
2024 limit: $7,000 ($8,000 if 50+)
Tax-deductible now, taxed in retirement
Total Contributions
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Interest Earned
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Projected Balance
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IRA Balance Growth by Age
Traditional IRA
Contributions may be tax-deductible, reducing your taxable income now. Withdrawals in retirement are taxed as ordinary income. Best if you expect to be in a lower tax bracket in retirement.
Roth IRA
Contributions are made with after-tax dollars, so they are not tax-deductible. Qualified withdrawals in retirement are completely tax-free. Best if you expect to be in a higher tax bracket in retirement.
Contribution Limits
Both Traditional and Roth IRAs share the same annual contribution limits, which are adjusted periodically for inflation. For 2024, the limit is $7,000 ($8,000 if you're 50 or older).
Income Limits
Roth IRAs have income limits for direct contributions. If your income is too high, you might consider a "backdoor Roth" conversion. Traditional IRAs have no income limits for contributions, but deductibility may be limited if you're covered by a workplace retirement plan.
Required Minimum Distributions (RMDs)
Traditional IRAs require you to start taking distributions at age 73. Roth IRAs have no RMDs during the owner's lifetime, making them excellent for estate planning.
Early Withdrawal Rules
Generally, withdrawals before age 59½ are subject to a 10% penalty and income tax (for Traditional IRA). Roth IRAs have more flexibility - you can withdraw contributions (but not earnings) at any time without penalty.